Pub chain JD Wetherspoon increases expansion target

LONDON, Nov 6 (Reuters) - Britain's JD Wetherspoon (LSE: JDW.L - news) posted a strong rise in first quarter sales and pushed up its expansion target to as many as 50 new pubs for the full-year.

The firm, which has grown to over 880 pubs in Britain on the back of popular value-led food and drinks deals, said on Wednesday sales at pubs open at least a year had risen 3.7 percent in the 13 weeks to Oct (KOSDAQ: 039200.KQ - news) . 27, with total sales up 7.6 percent.

It said new pub openings in its 2013-14 fiscal year would be 40 to 50, ahead of previous guidance for 30 new sites, helped by an increased bank facility and recent acquisitions.

In September, Wetherspoon Chairman Tim Martin told Reuters the group is planning to open its first pubs in Ireland (Other OTC: IRLD - news) this year.

Wetherspoon said on Wednesday its operating margin slipped 30 basis points to 8.3 percent in the quarter, due to increased labour, repairs and marketing costs.

The group said the figure was a likely indicator for the full-year, representing a slight fall from the 8.7 percent margin achieved in 2012-13.

Shares in the firm closed at 712.5 pence on Tuesday, up 40 percent on a year ago, valuing the business at just over 890 million pounds ($1.43 billion).